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Commodities

Nat-Gas Prices Spike Before Contract Expiration

Guavy AI Editorial Team
Instruments
Natural Gas
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Natural gas prices rebounded on Wednesday ahead of the expiration of the August Nymex contract, closing up 2.37% to +0.063.

The price increase is attributed to fund short covering as the last trading day for the August contract approached.

Weighing against natural gas prices was a shift in weather models showing cooler temperatures in the Midwest and East Coast, reducing air conditioning demand.

A large-than-normal build in US gas storage also contributed to the bearish outlook, with consensus forecasts predicting an increase of +37 bcf for the week ended July 24, above the five-year average of +26 bcf.

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